Another week flies by and the messages we are seeing in the market are very mixed.
Numbers at open homes are solid but not spectacular with many new buyers filling the gap left by
those who purchased late last year.
Auction clearance rates are steady but nowhere near the heady 75% plus juggernaut days of early
last year. The number of bidders is also lower than this period.
But here's the thing for buyers to know - stock levels are still quite tight historically.
I've used the same rudimentary metric over the past fifteen years to quickly test the temperature of
the market which is simply logging on to one of the major property portals to see exactly how many
listings there are in our three key suburbs of Marrickville, Dulwich Hill, and Hurlstone Park.
Over this period
I've found that an even market - where the buyer and vendor have equal
negotiating power - tends to exist when Marrickville has between 80-100 listings, Dulwich Hill 50-60
listings and Hurlstone Park 20-25 listings.
Currently, there are 59 properties in Marrickville, 42 in Dulwich Hill and 16 in Hurlstone Park.
The good news for buyers is that these numbers are definitely far more healthy than the chronically
low levels of most of last year. It still does illustrate though that the Inner West is no longer awash
with an unlimited number of opportunities to purchase.
Our area has become a far more desirable place to live which unfortunately translates into increased
competition to purchase a home here.
We will have a number of new properties hitting the market in the next two weeks that will
hopefully, give you some more choice.
But take my advice
If you've been looking for a while and something is about 80% close to what you want, make an offer. Finding the "perfect" place can turn into a very long drawn out process and in
many cases when you finally do, the price is too high.